CHAPTER 1 RESOURCE UTILIZATION AND ECONOMICS
June 22, 2017
1. Economics defined 2.
Origin of the word economics
3.
Scarcity: the central problem of economics
4.
Factors of production
5.
The circular flow model
6.
Opportunity cost and trade off
7.
Basic decision problems: production, distribution, consumption, & growth over time
8.
Four basic economic questions: what, how, how much and for whom t o produce
9.
3 Es of economics: efficiency, effectiveness, and equity
10. Positive vs. Normative economics 11. Ceteris paribus principle 12. Microeconomics vs. Macroeconomics 13. Types of economic systems: traditional, command, market, socialism, and mixed 14. Wealth, consumption, production, exchange, distribution 15. Brief history: Classical (Adam Smith, Father of Economics, the invisible hand), Neoclassical (Leon Walras, equilibrium and marginalism & Alfred Marshall, market efficiencies), Keynesian (John Maynard Keynes, employment, interest, and money), Non-Walrasian (John Hicks, IS-LM model), modern (Paul Samuelson, etc, rules and regulations of different private and public institutions), and new classical (adherence to national ex pectations, developed countries are concerned with developing countries)
CHAPTER 1 RESOURCE UTILIZATION AND ECONOMICS
June 22, 2017
1. Economics defined 2.
Origin of the word economics
3.
Scarcity: the central problem of economics
4.
Factors of production
5.
The circular flow model
6.
Opportunity cost and trade off
7.
Basic decision problems: production, distribution, consumption, & growth over time
8.
Four basic economic questions: what, how, how much and for whom to produce
9.
3 Es of economics: efficiency, effectiveness, and equity
10. Positive vs. Normative economics 11. Ceteris paribus principle 12. Microeconomics vs. Macroeconomics 13. Types of economic systems: traditional, command, market, socialism, and mixed 14. Wealth, consumption, production, exchange, distribution 15. Brief history: Classical (Adam Smith, Father of Economics, the invisible hand), Neoclassical (Leon Walras, equilibrium and marginalism & Alfred Marshall, market efficiencies), Keynesian (John Maynard Keynes, employment, interest, and money), Non-Walrasian (John Hicks, IS-LM model), modern (Paul Samuelson, etc, rules and r egulations of different private and public institutions), and new classical (adherence to national ex pectations, developed countries are concerned with developing countries)
